This bill authorizes the New Jersey Environmental Infrastructure Trust (Trust) to expend up to $539.52 million and any unexpended balances from previous authorizations to provide loans with an interest rate at or below the prevailing market rate to project sponsors (primarily local governments, public authorities, or public water utilities) for a portion of the total costs of 70 eligible environmental infrastructure projects. The eligible projects are those included in the "Storm Sandy and State Fiscal Year 2018 Clean Water Project Priority List" and the "Storm Sandy and State Fiscal Year 2018 Drinking Water Project Priority List," as well as six clean water and one drinking water environmental infrastructure projects that received loans in the past and which now require supplemental loans in order to meet actual costs. In addition to the use of prior unused allocations, this bill also permits the Trust to use any loan repayments received to date, and the amounts for capitalized interest, bond issuance expenses and related amounts, to fund the State Fiscal Year 2018 New Jersey Environmental Infrastructure Financing Program (NJEIFP). Since its creation in 1985, the Trust in partnership with the Department of Environmental Protection have provided low‑cost NJEIFP loans for the construction of environmental infrastructure projects that enhance and protect ground and surface water resources, ensure the safety of drinking water supplies, and make possible responsible and sustainable economic development. Since 1985, NJEIFP loans to local government units and some private water companies have totaled more than $6.7 billion of which the Trust has provided more than $2.8 billion in loans to finance wastewater systems, combined sewer overflow abatement, nonpoint source pollution control and safe drinking water supplies generating more than 130,000 construction projects throughout the State.

Bill Subjects:

2nd Reading in the Assembly, Environment and Solid Waste, Substituted by another Bill